Tax Relief for Renters Act of 2024

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10277 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                               H. R. 10277

To amend the Internal Revenue Code of 1986 to establish a deduction for 
         certain amounts paid for rent for a primary residence.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 3, 2024

 Mr. Landsman introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to establish a deduction for 
         certain amounts paid for rent for a primary residence.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Tax Relief for Renters Act of 
2024''.

SEC. 2. DEDUCTION FOR RENT PAYMENTS.

    (a) In General.--
            (1) Deduction allowed.--Part VII of subchapter B of chapter 
        1 of the Internal Revenue Code of 1986 is amended by 
        redesignating section 224 as section 225 and by inserting after 
        section 223 the following new section:

``SEC. 224. RENT PAYMENTS.

    ``(a) In General.--There shall be allowed as a deduction an amount 
equal to \1/12\ the qualified rent expenses of the taxpayer for the 
taxable year.
    ``(b) Qualified Rent Payments.--For purposes of this section, the 
term `qualified rent payments' means, with respect to a taxable year, 
amounts paid or incurred to lease the primary residence of the taxpayer 
during the taxable year.
    ``(c) Limitations.--
            ``(1) In general.--The deduction allowed under subsection 
        (a) shall not exceed $4,000 for any individual in any taxable 
        year.
            ``(2) Income limitation.--
                    ``(A) In general.--No deduction shall be allowed 
                under subsection (a) in the case of an individual whose 
                adjusted gross income for the taxable year exceeds the 
                threshold amount.
                    ``(B) Threshold amount.--For purposes of this 
                paragraph, the term `threshold amount' means--
                            ``(i) in the case of a joint return or a 
                        surviving spouse, $150,000,
                            ``(ii) in the case of a head of household, 
                        $125,000, or
                            ``(iii) in the case of any other 
                        individual, $100,000.''.
            (2) Conforming amendment.--The table of sections for part 
        VII of subchapter B of chapter 1 of such Code is amended by 
        redesignating the item relating to section 224 as relating to 
        section 225 and by inserting after the item relating to section 
        223 the following new item:

``Sec. 224. Rent payments.''.
    (b) Deduction Allowed to Non-Itemizers.--Section 63(b) of the 
Internal Revenue Code of 1986 is amended by striking ``and'' at the end 
of paragraph (3), by striking the period at the end of paragraph (4) 
and inserting ``and'', and by adding at the end the following new 
paragraph:
            ``(5) the deduction provided in section 224.''.
    (c) Non-Application of Certain Limitations for Itemizers.--
            (1) Deduction not treated as a miscellaneous itemized 
        deduction.--Section 67(b) of the Internal Revenue Code of 1986 
        is amended by striking ``and'' at the end of paragraph (11), by 
        striking the period at the end of paragraph (12) and inserting 
        ``, and'', and by adding at the end the following new 
        paragraph:
            ``(13) the deduction under section 224 (relating to rent 
        payments).''.
            (2) Deduction not taken into account under overall 
        limitation.--Section 68(c) of the Internal Revenue Code of 1986 
        is amended by striking ``and'' at the end of paragraph (2), by 
        striking the period at the end of paragraph (3) and inserting 
        ``, and'', and by adding at the end the following new 
        paragraph:
            ``(4) the deduction under section 224 (relating to rent 
        payments).''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2024.
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